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House Price Crash Forum


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Everything posted by Elizabeth

  1. Rubbish and rubish and rubbish, I have been a habitual renter all my life and I just bought for all the right reasons: I can afford it I can afford it if interest rates rise 4% I really love it and I can afford it if interest rates rise 4% And based on the current repayments I am going to end up with the interest costing less than the rent that I would pay over the same time - key factor in decision making (hence I am only paying for the asset - only $15,000 more and I would be well out of pocket) If any of these conditions didn't apply I would continue to be a habitual renter. Bottom line - if the numbers don't add up, don't buy. If the numbers don't add up, haggle.
  2. Hi guys. Its good to see you all again. I'm so sad about this property crash. I'm truly facing my property demons now. I just bought a house for 20% off what the investors paid for it last year. Broke my heart as I haggled. Mortgage of 3.45 multiple of my income and I am financially in a position (touch wood) where I can assume a 10% interest in my payments. Its a very nice house in a great location, and people keep telling me that I got a bargain but I keep telling them that I paid the right price. (or should I now be talking the market up? ) So a bear becomes a buyer but not a bull - just somebody who believe in the treating the market for what it is and only buying when the numbers add up in any particular instance.
  3. Its back This is 2004/5 revisited... except that there is no booming economy to back it up. I remember when these schemes first came out, and it was at that point that I joined HPC. I was on 26K and I couldn't make sense of how I could really afford a 300K flat in London when the rent and the morgage between them were going to cost me 3/4 of my income. This shows just how desperate the government are to prop up the property market, particularly with a plunging pound (which, as I understand it, will compound the effect of a price drop on the contraction of the economy in relative terms) There is a serious crash coming to Britain finally (too late for me, but ... oh well)
  4. Re, this optimistic explosion in the Oz market... It won't last. When does the $25K subsidy turn back into $7.5K? - end of this month I think. Its just first home buyers rushing to get that extra 12K before the coach turns into a pumpkin and paying an extra $50K to do it. We've had a little mini property boom in our area, and its all young families desperate to cash in on the subsidy. My oh my, I always thought that one of the things that made Australians just a little more canny than the British was counting before we acted with overinflated mindless consumer exhuberance... I was wrong. No difference. Anglo-Saxon lemmings all of us.
  5. I actually don't mind those people who see it as a jolly. What I object to is the sort of Universities who hire Oxford graduates who then tell their second year psychology students that if they don't get the result that they want from the sample just add to the sample until they do. Unbelievable. Less places, better quality, or a return to trades training, so that you can actually find a mechanic under 50 who knows what the bits in teh car are and what can go wrong with them and how to fix them (alternatively of course there were the polish, but they have gone home)
  6. Other thing is, how come she doesn't know who it is if she had already used the account to pay something else? Didn't it have a name on the link that would remind her? Maybe she should check her bank statements.
  7. Well actually, to maintain parity between the 'value' of things and your previous exchange rate everything does have to go up. Check the value of your favourite British company in American $ or Euros today against its price in the same currency at the rates that were around then, a year ago.
  8. Typical of the failure of this government to actually implement laws. In Australia you would have to give it back, but 6 months after I left Britian I am still in a fight with Orange about whether a fraudulent sales transaction is their responsibility or whether because this government invented an incredibly clever outclause for big mobile phone companies, it is covered by the Distance Selling Regulations and they can sue me but they don't have to prove their is a debt. I have repeatedly told the debt collector to take me to court, and if I ever have a fixed address they just might! Blame the government. They are a pack of the most bottom licking toerags.
  9. No you import stuff because you have a government with an Authoritarian mentality that kowtows constantly to rules if the rule maker is structurally 'above' them, and which happen due to the structure of things, to be made to Brussels for broader political reasons than the welfare of the local economy and the reduction of food miles. So the govt pays for farmers to leave their fields empty, as opposed to the French attitude which is to keep the EU as a matter of manners and economic convenience and apply the principles if there isn't too much resistance from the peasants, in which case Peasants v EU isn't a contest. Viva La Revolution!
  10. I'm struggling between 'OH POO. why did I leave the UK when rents are finally affordable?' and 'thank god I got my money out while its still worth anything at all'. Anyway, I can't get a job (50 apps in the last 20 days and no love at all), but its a beautiful comfortably brisk evening and I expect a sunny day tommorrow.
  11. No, he's right. The time is right. The way things are going you are going to be lucky to buy a can of beans with 600K in a year. That HYPERINFLATION. The interest payments should be a British New Penny out of his pay packet. Dear me. If only the current mob had learned from the mistakes of the Weimark Republic (and our mate Bob Mugabe)
  12. Correct (of course!), and as the $GB reaches historic lows, so the relative value of the housing also decreases so the entire economy shrinks to relatively horrid levels, and serious money runs away from the British economy to pump up the Australian economy even further (as if we need it, given the effect on exports), and it all gets very cyclic without anyone doing a thing or any changes in the productivity of the activity based economy... and then the activity based economy responds to those conditions by shrinking... and... Nasty stuff. They shouldn't have pumped it up in the first place.
  13. I think that the technological utopia has become a massive dystopia. But people just can't stop themselves from getting trickier and trickier. the reality is, there will always be some fraud because it is human nature. Making fraud impossible is a dream. Making it undesireable and managing the levels is all you will ever do. The future is not futureproof, it is just one of any number of realities we want to creat. I would for one don't see how a digital coin would improve human existence. It would simply be another hurdle for an enterprizing thief to get around.
  14. The real problem is that they never remove that first $7,500 because it was introduced to offset the GST and therefore has become sacrosanct. As far as I am concerned all bets should be off and if people want to buy a house, they should learn how to manage their money first. It means that any fool can produce a 5% deposit and as you say, a lot of people are buying who really shouldn't be.
  15. If they had done this the first time round with existing first time buyers in trouble, and possibly transfering the loan including risk and interest to a government fund, instead of paying for bonuses for bankers I might be impressed. Save a few homes, lose some money, but undercut the cost through interest from the ones that survive. But no. They had to nationalise Northern Rock and then turn them into complete bastards that created even more homelessness to try and save some money. All they are doing is assuring the banks further profit by guaranteeing the riskiest end of the market. Its another giveaway to corporate Britain. It has nothing to do with the individuals or their loans. They have no intention of claiming the benefits of the risk. Only the risk, at taxpayers expense again. SOD EM.
  16. Look, if you live in London you get your photie taken 300 times a day. They don't have the resources or software to actually turn it into any sort of meaningful tracking, but they are working on it... because we all need to be tracked from the moment we get up to go to the toilet in the morning to the moment we lay down and watch a bit of tele before our sleepie byes. It cuts crime and makes us all more safe. Just like having a credit card that can be scanned from a distance by anyone with the right technology. No permission required. Just walk straight out of the shop and an automatic scan will be made through a machine that any dodgy geezer can get their hands on in 1/2 a millisecond from their local russian mafia contact.
  17. It will next year when the Tamiflu resistant version comes out, thanks to the politics of having spent good money on 120 million doses of the stuff, and then needing to justify it by distributing them without a proper assessment of the risks.
  18. Not sure this would work without some genuine devolution. It's still centralised and it still means that 'the people' (the 'perifery' in Edward Said's work) always focus toward the centre. The people should be focusing towards themselves and their local communities and be valid in doing so and not dictated to in terms of their activities by the rules of central government or the need to shout into the wind towards power. Power always centralises and then corrupts. Its human nature to form groups and anytime you have people working together and spending more time together (politicians in parliament) they will start to identify more with 'the people that understand' than the people that don't. What is really needed is some form of true devolution. London listens only to itself. I once heard a senior government bureaucrats tell a meeting that in London local government was seen as a 'benign force'. Extended to mean that they don't really see local government as having much value or power except as the administrative arm of central government.
  19. "QUOTE What we need is a forum where people can come together on a very open basis, to provide challenges and have a debate." Actually what they meant was not a forum like this that might have seen it coming, but a forum that wouldn't have seen it coming (and thereby didn't challenged their world view) but could be blamed for their lack of expertise when it did. They don't have a scapegoat - and its a mite inconvenient. They will fix that in future by blaming people who don't get paid for their expertise.
  20. Well its one way of keeping property prices down and the speculators out (although obviously it hasn't worked in Mosman) Maybe they should be trained to shitt in the pushy real estate agent's cars. (that would have been a great technique for dealing with Foxtons)
  21. Well actually, an international economic boom was what done us all in. It started in America with the sub-prime crisis. We are so bound up with international economics, that no matter how much we want to find a local (and thus controllable) cause, and a scapegoat to stick on a pike, the situation was global. Without giving any credit to Labour for its management, the situation was about the real ruler of the world which is the international money network. The faces and names of the players on the local political level totally critical to ensure that people are looking in the chosen direction for cause and effect - what amazes me is that they are so egotistical that they even want government or think that it makes any difference. They are truly irrelevant to cause and effect. Pawns. Their role is to make sure the population is managed in a way that serves global capital.
  22. Where are all these chip-eating street-shitters. I really must find out.
  23. Yes, well, by the sounds of it, that probably would have scarred you for life I know it would have me. Sorry about the manners, but I kind of had a similiar experience of London, particularly with shopkeepers serving me instead of the first person to come in who was black on a number of occassions. It was entirely shocking, and the colour thing was too consistent to ignore. I found it deeply snide and dishonest and I would rather they had said it outright so that I could have used my broad range of rude aussie blandishments in response. Instead I used my faux 1950s manners to step back and let the rightful first customer be served in their rightful place. In terms of living, I don't actually live right in the middle of Sydney. Just far enough away to commute. All the English go to the North Shore and I am not sure why. It is the most expensive and over-rated area of the lot. I am not really trying to thrust it down your throat either. It was just that there was all this talk of how expensive it is, and it really isn't. I hate inaccuracy. And Bardon, I have no idea where Bullima Hill is. I have always tended to live in the crappiest parts of town for economic reasons. So I have been on the bottom of the heap in terms of Sydney Suburb snobbery. So many people to look down on me. So little time! Same with London. Anyway, I never let house prices determine my address - only rents.
  24. Classic authoritarian order framework. In any transition the willingness of people to adapt to a new social order determines the pain involved. The real question is, should the people be required to adapt to the 'Big Plan', or should they as humans, be allowed to evolve their own social responses? Every authoritarian including the humanitarian authoritiarians fail themselves in one simple act. In a classic pre-oedipal (or infant) emotional status, they do not over-ride the super-ego with an adult ego, assume that singularity aligned with their own interest is the norm and that the world will want to be made in their image (which is generally a pretty scary id).
  25. Facinating. I hadn't thought of it (probably because I don't need more than a flat), but this was another of the illusions of scarcity created by the housing boom. Flats were increasing at a greater rate than houses since the problem was at the bottom of the ladder and nobody could get a morgage the size of a house. I saw conversion flats that had originally been bought for 60K (for a 3 flat split) when the Houses would have been about 120K selling at the top of the market for 300K when houses would have been £500K. But where did all the people go that needed that house? Into the 50,000 surplus houses that needed to be built a year because we don't have enough housing. its all part of the con and I expect within 5 years that parts of London, particularly the 'trendy' suburbs of the boom like Hackney and Peckham, will have degenerated to their pre-housing boom conditions... and even maybe have some squats!
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